If you qualify for the credit (check this chart for income limits), you should take the credit. But depending on your income, you may not qualify. You and your dependents should file your returns to maximize any possible credits.
Two available education tax credits are: the American Opportunity Tax Credit and the Lifetime Learning Credit.
- Only one of these two credits can be claimed for a student in a year.
- Qualified education expenses paid by someone other than the student are treated as paid by the student.
- Qualified education expenses paid (or treated as paid) by a student who's claimed as a dependent on your tax return, are treated as paid by you.
This link has a summary of the two credits.
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